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Canadian securities regulators to provide blanket relief for market participants due to COVID-19

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In light of recent COVID-19 developments and their impact on market participants, the Canadian Securities Administrators (CSA) will provide temporary relief from some regulatory filings required to be made on or before June 1, 2020.

The blanket relief will provide a 45-day extension for periodic filings normally required to be made by issuers, investment funds, registrants, certain regulated entities and designated rating organizations on or before June 1, 2020. This will include financial statements, management’s discussion and analysis, management reports of fund performance, annual information forms, technical reports, and certain other filings.

For the filings covered by the blanket relief, public companies will not need to file applications for management cease trade orders as they will not be noted in default. 

The CSA expects to publish further details about the relief shortly. 

“The CSA is ready to take action where necessary to ensure market participants have the flexibility they need to focus on critical business decisions while managing risks to their employees, investors customers and other stakeholders,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. 

The CSA is also aware that some issuers are considering virtual securityholder meetings as a result of social distancing measures. The CSA is supportive of measures issuers are taking to mitigate the risk of transmission and will publish guidance on making changes to annual general meetings as soon as possible. In the meantime, issuers can contact their principal regulator with any questions or concerns.

Finally, all CSA proposals currently out for comment will have their comment periods extended by 45 days.

As the COVID-19 situation evolves, the CSA will adapt its response as necessary to ensure that market participants have the guidance they need, and markets continue to be fair and efficient despite recent volatility.

CSA Staff are in continuous dialogue with the Investment Industry Regulatory Organization of Canada (IIROC), which has direct oversight responsibilities for trading surveillance. IIROC has confirmed volatility controls are functioning as expected in temporarily pausing declines while still allowing orderly price discovery to continue. We will continue to monitor market developments as the situation changes.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co- ordinates and harmonizes regulation for the Canadian capital markets.

For inquiries about filings for issuers, other than investment funds: 

For more information: 

Michael Bennett
Senior Legal Counsel, Corporate Finance
Ontario Securities Commmission
Matthew Au
Senior Accountant, Corporate Finance
Ontario Securities Commission

Jan Mazur
Team Lead, Statutory Filings
Alberta Securities Commission

Jody-Ann Edman
Manager, Financial Reporting
British Columbia Securities Commission

Martin Latulippe
Director, Continous Disclosure
Autorité des marchés financiers
514-395-0337 ext. 4331
Wayne Bridgeman, CPA, CGA
Deputy Director, Corprate Finance
Manitoba Securities Commission

Heather Kuchuran, CPA, CA, CFA
Deputy Director, Corporate Finance
Financial and Consumer Affairs Authority of Saskatchewan

Rebecca Atkinson
Senior Legal Counsel
Financial and Consumer Services Commission, New Brunswick
Abel Lazarus
Director, Corporate Finance 
Nova Scotia Securities Commission

For inquiries about filings for investment funds: 

Ritu D. Kalra, CPA, CA, CFA
Senior Accountant, Investment Funds and Structured Products Branch
Ontario Securities Commission

Louis-Martin Oulette
Acting Director, Investment Funds Oversight
Autorité de marchés financiers 
514-395-0337 ext. 4496
Jason Alcorn
Senior Legal Counsel and Special Advisor to the Executive Director
Financial and Consumer Services Commission, New Brunswick

For inquiries about filings for registrants:

Anita Chung, CPA, CA, CFE
Registration Accountant, Compliance & Registrant Regulation
Ontario Securities Commission
Mark French
Manager, Dealer Compliance
Wendy Morgan
Deputy Director, Securities
Financial and Consumer Services Commission, New Brunswick

For inquiries about filings for regulated entities: 

Chris Byers
Senior Legal Counsel, Market Regulation
Ontario Securities Commission
Claude Gatien
Advisor, Strategic Initiatives
Autorité des marchés financiers 
514-395-0337 ext. 4341

For media inquiries, please refer to the list of provincial and territorial representatives below of contact us at

For more information: 

Kristen Rose
Ontario Securities Commission
Hilary McMeekin
Alberta Securities Commission
Brian Kladko
Bristish Columbia Securities Commission
Sylvain Théberge
Autorité des marché financiers
Jason (Jay) Booth
Manitoba Securities Commission
Shannon McMillan
Financial and Consumer Affairs Authority of Saskatchewan
Sara Wilson
Financial and Consumer Services Commission, New Brunswick
Steve Dowling
Government of Prince Edward Island, Superintendent of Securities
David Harrison
Nova Scotia Securities Commission
Jeff Mason
Nunavut Securities Office
Renée Dyer
Office of the Superintendent of Securities
Newfoundland and Labrador
Tom Hall
Office of the Superintendent of Securities
Northwest Territories
Rhonda Horte
Office of the Yukon Superintendent of Securities